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During tax season and while waiting for their tax refund, many people only think about the IRS. However, there are moments throughout the year when the IRS makes its presence known. The government can take action if it suspects someone or a company hasn't declared enough income, has underpaid or hasn't filed a return when they should have. When this happens, a person or business may require a certified tax resolution specialist to assist in resolving the problem, paying back taxes, or obtaining tax relief.
What is tax resolution ?
Working with the IRS and other tax specialists to find a solution to your tax issues is known as tax resolution. For a variety of reasons, the IRS may be having problems with your tax return or circumstances. The IRS may audit you if you have a complicated tax return to ensure you are reporting the correct amount of income and claiming proper deductions. The IRS may feel you have underreported your income in some situations, and it may want to investigate your tax status further.
The following are some examples of when you might choose to hire a certified tax resolution specialist :
Audit Representation :
Don't be alarmed if you get a notice from the IRS saying you'll be audited. Although the audit process may be scary, you do not have to go through it alone.
The IRS audits people for a variety of reasons, and just because you've been audited by the IRS doesn't indicate you've done anything illegal. Hiring a competent tax resolution specialist
to assist you in putting up an audit defense will provide you peace of mind that the audit results will be as accurate and fair as feasible.
Transcript Protest :
The IRS is not immune to making mistakes. It may believe you made more money than you actually did, or it may include revenue from an ex-spouse or a previous business partner in your earnings. When this occurs, you have the right to disagree with the IRS and offer facts to support your position. certified tax resolution specialist can assist you in preparing a transcript protest so that you don't have to pay the money you don't owe.
Non-Collectible Debt :
What happens if the amount you owe the IRS is so large that you can't repay it while maintaining a respectable standard of living ? You don't have to pick between a roof over your head and paying the IRS in that circumstance.
When you are unable to pay your tax bill, the IRS does provide some assistance. The IRS won't try to collect the debt you owe while you're in a "Currently Not Collectible" status. Using tax resolution services can assist you in determining whether you qualify for the status and understanding the advantages and disadvantages of doing so.
Tax Penalties :
When individuals or corporations pay their taxes late or not at all, the IRS usually charges interest and tax penalties. Fortunately, the IRS will waive the penalty in some circumstances. A certified tax resolution specialist can assist you in determining if you are eligible for tax penalty abatement and through the process of determining whether or not you are eligible.
Unfiled Returns :
Each year, you are required to file a tax return, but life and other circumstances may prohibit you from doing so. When this happens, the IRS may make an educated guess about how much you owe based on the papers it receives, such as W-2 and 1099 forms. Returns from previous years might be prepared with the assistance of a tax consulting agency. It can also assist you in filing current returns and putting together a long-term tax strategy
Although you can work with the IRS on your own to handle your tax problems
, it's typically in your best advantage to deal with a certified tax resolution specialist who can help you work with the IRS and resolve your problem. Working with a firm like MC Tax Relief
that specializes in tax resolution ensures that your rights are safeguarded.